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"Entrepreneurs who provide services tied to e-commerce also did well: Lai Meisong, CEO of Alibaba-backed express delivery firm ZTO, saw his fortune climb to .6 billion from .35 billion," Russell Flannery, the compiler of the China Rich List, said in his analysis. "Chinese consumers spent more on everything and spent more of it online."

"Despite the decline, China's services trade saw a largely stable trend in the first half. Services exports outperformed imports, with the services trade deficit narrowing by 46.1 percent from the same period of last year to 401.7 billion yuan," said Xian Guoyi, director-general of the ministry's department of trade in services and commercial services.

"Emerging technologies such as artificial intelligence, blockchain, cloud computing and 5G have become a force to be reckoned with. Companies are under pressure to use these innovations in their operations in order to realize growth, giving rise to an increase in demand for privacy and data protection," said Ramesh Moosa, cybersecurity, privacy and forensics partner of PwC China.

"Extending the transitional period as appropriate will alleviate the blow of the epidemic on the asset management sector and the pressure on financial institutions from the revamping task," said a PBOC statement, adding that the move will also facilitate financing for the real economy.

"Enterprises now think there will be political risk involved for relocating their staff to Hong Kong," he said, and if the turmoil is not settled in the near future, "some job positions may be diverted to other countries in the region".